Semler Scientific, Inc. reported significant financial changes in its latest quarterly filing, revealing a total revenue of $8.2 million for the three months ended June 30, 2025, a decrease of 43% from $14.5 million in the same period last year. For the six months ending June 30, 2025, revenues were $17.1 million, down 44% from $30.4 million in the prior year. The company attributed this decline primarily to reduced testing volumes among customers, which it believes is linked to the 2024 Centers for Medicare & Medicaid Services (CMS) rate announcement. Despite the revenue drop, Semler reported a net income of $66.9 million for the second quarter, a substantial increase from just $11,000 in the same quarter of 2024, largely due to a significant rise in the fair value of its Bitcoin holdings.
Operating expenses for the second quarter totaled $10.3 million, up 13% from $9.1 million a year earlier. This increase was driven by a notable rise in general and administrative expenses, which surged by 73% to $5.1 million, primarily due to higher stock-based compensation and legal fees. The company also recorded a litigation contingency of $29.8 million related to a potential settlement with the U.S. Department of Justice (DOJ), which contributed to a dramatic increase in total operating expenses as a percentage of revenue, reaching 125% in the second quarter compared to 63% in the prior year.
In terms of operational metrics, Semler's Bitcoin treasury strategy has positioned it as a significant corporate holder of Bitcoin, with 4,636 Bitcoins valued at approximately $496.9 million as of June 30, 2025. The company has adopted this strategy to enhance its liquidity and financial stability, planning to acquire additional Bitcoin using proceeds from equity and debt financing. The firm also launched a new subsidiary, CardioVanta, aimed at expanding its healthcare offerings, particularly in cardiac technology and monitoring, which is expected to operate under a software-as-a-service model.
Looking ahead, Semler anticipates that the combination of its existing product lines, including the QuantaFlo device, and the new offerings from CardioVanta will help restore profitability in its healthcare business. The company is also seeking FDA clearance for expanded use of its QuantaFlo product, which could further enhance its market position. Despite the current challenges, Semler's management remains optimistic about its long-term strategy, particularly its focus on Bitcoin as a treasury asset and the potential for growth in its healthcare segment.
About Semler Scientific, Inc.
Semler Scientific develops FDA-cleared vascular testing products, notably QuantaFlo, to aid in diagnosing peripheral arterial disease and other cardiovascular conditions. The company serves healthcare providers, insurance plans, and risk assessment groups, offering non-invasive, rapid blood flow assessments. It also invests in bitcoin as a treasury reserve asset, leveraging its digital assets to support long-term value and inflation hedging.
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